# Oil jumps as OPEC agrees to modest output hikes - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> OPEC and other major producers agreed in Vienna to raise crude output from July by about 1 million bpd, though Iraq estimated the real increase at about 770,000 bpd. US crude rose about 4.7% to $68.65 and Brent gained about 2.5% to $74.91 on the announcement.

- Date: 2018-06-22 · published 2018-06-22T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/11572-oil-jumps-as-opec-agrees-to-modest-output-hikes-energy-news-top-headlines
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The modest, below-expectation increase offsets supply losses and tightens the market, which lifts crude prices. Higher crude raises diesel and fuel costs for feed transport and processing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-21 | [Oil Rises as OPEC Signal on Output Curbs Counters Trade Risk - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow](https://feedsoft.ai/events/59246-oil-rises-as-opec-signal-on-output-curbs-counters-trade-risk-canadian-energy.md) | -7.3% | -17.7% |
| WTI | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -3.0% | -6.5% |
| WTI | 2023-09-30 | [OPEC+ Panel Unlikely to Tweak Oil Policy at Wednesday Meeting - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/34013-opec-panel-unlikely-to-tweak-oil-policy-at-wednesday-meeting-energy-news-top.md) | -8.8% | -5.4% |
| WTI | 2019-02-12 | [Saudi crude output to fall to 9.8 million bpd in March: Falih - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/60520-saudi-crude-output-to-fall-to-9-8-million-bpd-in-march-falih-energy-news-top.md) | +6.0% | +8.3% |
| WTI | 2018-04-12 | [OPEC Switches Operational Target from Inventories to Investment: Kemp - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/65430-opec-switches-operational-target-from-inventories-to-investment-kemp-energy.md) | +2.4% | +6.5% |
| BRENT | 2019-05-21 | [Oil Rises as OPEC Signal on Output Curbs Counters Trade Risk - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow](https://feedsoft.ai/events/59246-oil-rises-as-opec-signal-on-output-curbs-counters-trade-risk-canadian-energy.md) | -3.4% | -13.6% |
| BRENT | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -1.1% | -4.3% |
| BRENT | 2023-09-30 | [OPEC+ Panel Unlikely to Tweak Oil Policy at Wednesday Meeting - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/34013-opec-panel-unlikely-to-tweak-oil-policy-at-wednesday-meeting-energy-news-top.md) | -9.8% | -5.2% |

## Sources

- energynow.com: https://energynow.com/2018/06/oil-jumps-as-opec-agrees-to-modest-output-hikes/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.